Union Minister of Commerce Piyush Goyal on Thursday has urged nutraceutical and pharmaceutical manufacturers to pass on entire Goods and Services Tax reform benefits to consumers.
"Please ensure every single rupee gained from GST reforms is passed on. Will lead to huge savings, it will be a demand booster," he said during the IPHEX 2025 International Exhibition on Pharma and Healthcare in Delhi.
The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, announced on Wednesday a sweeping cut in tax rates on daily essentials at its 56th meeting.
The council said the GST on a wide range of commonly used products has been brought down to 5%, slashed from the earlier 18% and 12% slabs.
The GST Council approved a two-tier rate structure of 5% and 18%, which will be implemented from Sept. 22.
The GST has been reduced from 12% to NIL on 33 lifesaving drugs and medicines and from 5% to nil on 3 lifesaving drugs & medicines used for treatment of cancer, rare diseases and other severe chronic diseases. Meanwhile, all other drugs and medicines are cut from 12% to 5%.
The council has reduced GST on food items such as packaged food items from 12% or 18% to 5%.
In India, multivitamins and protein powders of dietary supplements or bodybuilding supplements, primarily fall under the broad category of nutraceuticals. Hence, the GST on multivitamins and protein powders has been reduced to 5%.
"Maybe (reforms) will not mean an immediate boost to your bottomline, but the demand it will bring, the business opportunities will be immense. I hope you all will pass on the entire GST benefits to your consumers," Goyal said.
Comprehensive Budget 2026 coverage, LIVE TV analysis, Stock Market and Industry reactions, Income Tax changes and Latest News on NDTV Profit.
